It is more like each protestant is the captain which makes for much wrangling at the wheel and that is why the course the ship is on is uncharted and erratic tossed about by every storm or new wave of theology.
IMHO If God wanted to use His Holy Spirit living inside each of us to guide us to truth I believe He is big enough to do it. I also believe that God is big enough to be able to handle a 24/7 personal relationship with each one of us. If we resist His Spirit I do not think God whines about it much. He lets us be.
Sorry but haven't seen too many new waves of theology bobbing around...Those of us who believe that the scriptures are literal and inerrant are pretty much in unity when it comes to our Christianity...
And how did we get that unity??? By prayerfully reading and searching out what God has to say...
Does it not intrigue you that we can come to such unity independantly of a central human authority??? Figure that one out and you'll know why were are not Catholic...
We are not in bondage to a religion that tells us what to think, believe and read...